30 Nov (Reuters) – Wall Street was mixed on Wednesday as the Dow and S&P 500 fell and big growth stocks boosted the Nasdaq.
Powell’s speech will be watched for signs of a slowdown in economic growth. interest rate hike by central banks and to assess the overall health of the US economy.
Co-manager Joe Saluzzi said, “The market expects him (Powell) to say he may not raise rates by 75 bps… when people hear the Fed chair, they get that little hint. I’m waiting for you,” he said. Trading at Themis Trading in Chatham, New Jersey.
With the Federal Reserve (Fed) expected to hike interest rates in small increments, recent data points to a gradual decline in prices, and the benchmark S&P 500 index is poised. (.SPX) Two consecutive months of profit growth.
Dow Jones Industrial Average (.DJI) Up 17.5% over the past two months, the Nasdaq Index (.IXIC) Added 4.2%.
“After the gains we’ve seen, some investors here today are taking a little bit more money,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. But nothing dramatic.”
Traders expect the Fed to raise interest rates by 50 basis points in December, with rates peaking in June 2023.
Growing company, Apple Inc. (AAPL.O)Microsoft (MSFT.O) and Alphabet Inc. (GOOGL.O)rose between 0.1% and 1.0%.
of Tesla (TSLA.O) China Merchants Bank International said November Tesla sales in China boosted This is due to the discounts and incentives offered on the Model 3 and Model Y.
The data for the day are ADP National Employment Private sector employment rose by 127,000 in November, below expectations of 200,000, suggesting labor demand has cooled amid high interest rates, according to reports.
The nonfarm payrolls data, which the Labor Department is closely watching, is due to be released on Friday. U.S. job openings fell to 10.334 million in October, down from 10.687 million the previous month, according to the report.
Another measurement showed the US economic recovery The third quarter was stronger than we originally thought.
“It’s been mixed this morning. So I don’t really understand it. I’d like to see what Powell has to say,” Saluzzi added.
At 12:07 pm ET, the Dow fell 157.90 points (0.47%) to 33,694.63, the S&P 500 fell 5.02 points (0.13%) to 3,952.61, and the Nasdaq rose 29.04 points (0.26%) to 11,012.81. was.
3M Corporation (MMM.N) fell 3.1% amid weak consumer business.
Biogen K.K. (BIIB.O) A 4.2% jump after an experimental Alzheimer’s drug slowed cognitive decline in a carefully monitored trial.
Losers outnumbered gainers by a ratio of 1.15 to 1 on the NYSE and 1.09 to 1 on the Nasdaq.
The S&P index hit three 52-week highs and one low, while the Nasdaq hit 51 new highs and 120 new lows.
Reporting by Shreyashi Sanyal, Devik Jain and Bansari Mayur Kamdar (Bangalore). Edited by Anil D’Silva and Shounak Dasgupta
Our criteria: Thomson Reuters Trust Principles.
